α-acyloxy carbonyls are often found as the key structural motif for many natural products with interesting biological activities and synthetic therapeutics, refer. P. A. Levene, A. Walti, Org. Synth. Coll. Vol. II 1943, 5. These compounds are the potential starting materials for the pfitzinzer reaction in the synthesis of quinoline salicylic acids and their further functionalization results in various biologically active natural products. The acyl groups can serve as useful protecting groups for the hydroxyl functions in α-hydroxy carbonyls. Their importance is reflected in the extensive synthetic research directed toward introducing acyloxy group in a chemo, regio, stereo and enantioselective manner.
U.S. Pat. No. 6,384,265 discloses method for stereoselectively producing an alpha-acyloxy carbonyl compound from an enol ester epoxide comprising contacting the enol ester epoxide With a chiral acid catalyst under conditions sufficient to stereoselectively produce the alpha-acyloxy carbonyl compound With inversion of stereochemistry.
US 2003/0083376 discloses depot preparations comprising at least one compound of the formula given below.

in which R1, R3 and R4, independently of one another, are an organic radical having 1 to 30 carbon atoms; R2 is hydrogen or an organic radical having 1 to 30 carbon atoms, and the compound of the formula given above, after hydrolysis or enzymatic cleavage, releases an alcohol and a carboxylic acid in addition to the aldehyde or ketone.
U.S. Pat. No. 5,084,584 discloses a process for producing an a-acyloxy-a, β unsaturated carbonyl comprising bringing a propargyl ester into contact with a platinum group metal compound catalyst in the presence of oxygen and/or a peroxide.
U.S. Pat. No. 8,143,423 discloses a process for preparing hydroxamic acids. The process comprises reacting an aldehyde with a nitroso compound in the presence of a N-heterocyclic carbene (NHC) catalyst.
Prior art processes for synthesis of α-acyloxy carbonyls are catalysed by metals, including the direct oxidative coupling of carbonyl compounds with toxic heavy metal oxidants namely Pb(OAc)4, Tl(OAc)3, Mn(OAc)3, thus providing environmentally unfriendly processes.
Some processes replaced heavy metal salts with stoichiometric use of N-methyl-Oacylhydroxylamines, but preparation of N-methyl-Oacylhydroxylamines is not an easy process, Also, this is needed in stoichiometric quantities to lead to the desired α-acyloxy carbonyls. Other prior art processes use harsh conditions for synthesis of desired compounds, making them both economically and environmentally non friendly. Some reports indicate the use of halo substituted carbonyls ie α-halo carbonyls as tarting materials, which are not commercially available, and therefore will have to be synthesized. This results in long evolving methods of synthesis of desired compounds.
Thus there is a need in the art to provide a simple, environmentally friendly process for synthesis of α-acyloxy carbonyls, such that the process provides a high degree of regio selectivity.